It increases their compliance costs and probably won't compensate for the returns from that account.
No such problems for the Bitcoin network.
Topic: [2016-01-27]Cannabis Security Firm Goes Bitcoin to Solve Industry’s Banking Prob (Read 279 times)
January 27, 2016, 08:13:38 PM
Banks are extremely loathe to handle accounts where the possibility of money laundering is high.
It increases their compliance costs and probably won't compensate for the returns from that account.
No such problems for the Bitcoin network.
It increases their compliance costs and probably won't compensate for the returns from that account.
No such problems for the Bitcoin network.
January 27, 2016, 03:26:08 PM
In what it describes as a “logical move,” a Denver cannabis security firm has announced that it will accept bitcoin to offset the lack of banking support currently plaguing the legal cannabis industry, as well as reduce the exorbitant fees imposed by credit card companies.
The emerging legal cannabis industry in the US has a banking problem. The financial industry is wary of working with up and coming cannabis businesses since the plant is still considered a Schedule 1 drug by the federal government. Jaime Lewis, owner and founder of a Denver marijuana edibles manufacturing company called Mountain Medicine, explained this major obstacle to ThinkProgress.
“The idea was, once legalization hit and it was proven in the state of Colorado that with a state-regulated system this industry can be favorable for the economy, can pull it out of the black market, that there would’ve been a conversation around giving us access to banking,” said Lewis, continuing:
more https://news.bitcoin.com/cannabis-security-firm-goes-bitcoin-to-solve-industrys-banking-problem/
The emerging legal cannabis industry in the US has a banking problem. The financial industry is wary of working with up and coming cannabis businesses since the plant is still considered a Schedule 1 drug by the federal government. Jaime Lewis, owner and founder of a Denver marijuana edibles manufacturing company called Mountain Medicine, explained this major obstacle to ThinkProgress.
“The idea was, once legalization hit and it was proven in the state of Colorado that with a state-regulated system this industry can be favorable for the economy, can pull it out of the black market, that there would’ve been a conversation around giving us access to banking,” said Lewis, continuing:
Quote
The state’s black market is withering, but many of the people who have replaced it still find themselves riding around with personal bodyguards and suitcases full of cash.
more https://news.bitcoin.com/cannabis-security-firm-goes-bitcoin-to-solve-industrys-banking-problem/
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